Notifications for Auctions

Auctions Announcements pursuant to Part VIA of the Transfers and Mortgaging Property Law, 1965, No.9.

Relevant announcements:

 

1. IN PERSON AUCTIONS

The following documentation should be provided in order to bid at auction

For individuals:

• Copy of valid i.d. or passport
• Copy of i.d. or passport of the person acting on behalf of the individual
• Original certified power of attorney authorizing the person acting on behalf of the individual.

 For legal entities:

• Copy of valid id or passport the person who is acting on behalf of the legal entity.
• Copy of company certificate of incorporation, certificate of Directors/shareholders and certificate of company registered address, less than 1 month.
• Board minutes authorizing the representative to bid in the auction of behalf of the company, except where the company only has one director who can bid without minutes.

 The mortgage lender may request additional information for the purpose of completion of the sale process.  

 Actions following the auction Note: for payments to be made at auctions

• The bidder with the highest bid is required to proceed with the immediate payment of at least twenty percent (20%) of the accepted bid price, which is paid directly to the auctioneer upon completion of the auction.
• Transfer expenses (8% of the sale proceeds exceeding the amount of € 350,000 per property owner, currently reduced by 50%), registration fees (€ 10 per application) and the title issuing costs (€ 5 per title) are payable together with the above advance payment.
• The remaining amount is paid to the mortgage lender within a period not exceeding twenty (20) days from the date of the auction.
• If the property is subject to V.A.T. this is payable to the mortgage lender within a period of 30 days from the date of the auction. The VAT payable is not included in the sale price, it is over and above the sale price amount.

The above amounts are payable by bankers cheque or personal cheque issued by a local bank.

 

   2. E-AUCTIONS                                                    

 

 How to – Bidder

 

• If you are Cypriot entity (both natural and legal) Register on the Ariadne Portal.
• Register on the E – Auctions platform (registration is free).
• Select the auction in which you wish to participate.
• Deposit the guarantee amount (3 – 10 days prior to auction date).
• On the auction date, login and place your bids.
• On the screen you will be able to see the current price, your last bid and your ranking.  You may place higher bids up until the end of the bidding process.

 

If your bidding is successful

  

• An email will be sent to you by ACB E-Auctions Ltd, informing you of the outcome and next steps.
• The guarantee amount will be forwarded electronically to the Mortgage Lender with whom you will be in contact for the remaining of the procedure concerning payment of the remaining amount, registrationn fees (€10 per application), title issuing costs (€ per title) and possible transfer expenses (8% of the sale proceeds exceeding the amount of € 350,000 per property owner, currently reduced by 50%) or V.A.T.
• The remaining amount is paid to the mortgage lender within a period not exceeding twenty (20) days from the date of the auction.
• If the property is subject to V.A.T. this is payable to the mortgage lender within a period of 30 days from the date of the auction. The VAT payable is not included in the sale price, it is over and above the sale price amount.

 

 If your bidding is not successful

 

• An email will be sent to you by ACB E-Auctions Ltd informing you that your bid was unsuccessful.
• The guarantee amount will be released.

 

 

Useful Information regarding e-auctions

 

HOW TO: https://www.eauction-cy.com/Home/HowTo

 

FAQ: https://www.eauction-cy.com/FAQ

 

 

GENERAL

The mortgaged property may not be sold:

• To a person who holds more than two per cent (2%) of the share capital of the authorized credit institution or a licensed financial institution or is connected with this person or their representative or their spouse or their parent or their descendants up to third degree, or any officer, director, employee of the mortgagee
• To any officer, director, agent or relative up to the fourth degree of auctioneer
• To the appraisers who prepared the property valuation report and their relatives up to the fourth degree relation

Further information

For any queries please call telephone numbers: 22125819.

BANK OF CYPRUS PUBLIC COMPANY LTD has made every reasonable effort to confirm and / or verify the information provided. It is noted, however, that (a) this information was obtained from public records and / or third parties without the possibility of confirming their accuracy; and (b) BANK OF CYPRUS PUBLIC COMPANY LTD neither has possession nor is the owner of the property for sale, therefore the details provided are solely for information purposes, without assuming any responsibility and / or duty and / or obligation by BANK OF CYPRUS PUBLIC COMPANY LTD to any person who may become aware of them.

BANK OF CYPRUS PUBLIC COMPANY LTD strongly urges and / or strongly suggests that any Interested Buyer that, with the help of specialized consultants of their choice, they conduct their own investigations and / or on-site examination of the property for sale in order to verify and / or obtain personal knowledge of all information and data that may affect the decision to participate in the upcoming auction of the property for sale.